Note 7 - Lease Right-to-use

12 Months Ended

Apr. 30, 2023

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

7. LEASE RIGHT-TO-USE:

The Company accounts for its leases under ASU 2016-02 Leases – Topic 842. ASU 2016-02 requires that on the balance sheet a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.

We lease the casino as well as hangar and office space with initial lease terms of two, five, and fifty years.

	April 30, 2023		April 30, 2022
Finance lease right-to-use assets	$	3,781	$	3,240
Less accumulated depreciation		700		512
Total	$	3,081	$	2,728

Future minimum lease payments for assets under capital leases at April 30, 2023 are as follows:

2024	$	263
2025		139
2026		116
2027		118
2028		120
Thereafter		12,828
Total minimum lease payments		13,584
Less amount representing interest		10,109
Present value of net minimum lease payments		3,475
Less current maturities of finance lease liability		145
Finance lease liability, net of current maturities	$	3,330

	April 30, 2023			April 30, 2022
Finance lease cost:
Amortization of right-of-use assets	$	188		$	181
Interest on lease liabilities		188			148
Total finance lease cost	$	376		$	329
	April 30, 2023			April 30, 2022
Weighted average remaining lease term - Financing leases	46 years			45 years
Weighted average discount rate - Financing leases		5.8	%		5.0	%